What is KodakCoin? Kodak to launch ‘photo-centric’ cryptocurrency | City & Business | Finance

The creation of KodakCoin is part of a bid to build a global ledger of picture rights ownership for photographers and photo agencies. 

Stock prices for Eastman Kodak Co rose more than 100 per cent on Tuesday afternoon on the back of the cryptocurrency news. 

Kodak is joining the cryptocurrency revolution after it was famously brought down by its failure to leave behind film and embrace digital photography. 

At CES 2018 in the USA yesterday, Kodak announced that it was teaming up with WENN Digital to create KodakCoin and an image rights management platform called KodakOne. 

The announcement said: “Utilizing blockchain technology, the KODAKOne platform will create an encrypted, digital ledger of rights ownership for photographers to register both new and archive work that they can then license within the platform. 

“With KODAKCoin, participating photographers are invited to take part in a new economy for photography, receive payment for licensing their work immediately upon sale, and for both professional and amateur photographers, sell their work confidently on a secure blockchain platform. 

“KODAKOne platform provides continual web crawling in order to monitor and protect the IP of the images registered in the KODAKOne system. 

“Where unlicensed usage of images is detected, the KODAKOne platform can efficiently manage the post-licensing process in order to reward photographers.” 

Riding the wave of bitcoin’s popularity, the Kodak’s crypto platform will allow photographers register to work and license it for crypto payments.

The American technology company sees blockchain technology as a practical way to help solve a long-standing problem facing photographer. 

Kodak CEO Jeff Clarke said: “For many in the tech industry, ‘blockchain’ and ‘cryptocurrency’ are hot buzzwords, but for photographers who’ve long struggled to assert control over their work and how it’s used, these buzzwords are the keys to solving what felt like an unsolvable problem.

“Kodak has always sought to democratize photography and make licensing fair to artists. These technologies give the photography community an innovative and easy way to do just that.”

Danielle Atkins, Vice President of Brand and Creative at Kodak, shared an image of Kodak CMO Steven Overman talking about the new cryptocurrency at CES 2018 in Las Vegas. 

She tweeted: “Very excited about today’s announcement the very first crypto currency for the Creative industry on the…

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